Cashel Town Shopping Centre and Cashel Petrol Filling Station, Co Tipperary,
4th November 2015
Modern Shopping Centre investment with significant asset management enhancement potential. Cashel Shopping Centre extends to 6,537 sq. m. with 342 surface car parking spaces and is the only purpose built retail centre in the town.
The centre is anchored by Tesco which is let under a long term lease generating an income of €565,000 per annum and has a weighted average unexpired lease term of 11.83 years.
Other tenants include O’Dwyer’s Pharmacy and Cordis Cashel Ltd (a subsidiary of Johnson & Johnson) providing an additional €92,896 per annum rent roll. The centre, which opened in 2008, currently has approximately 2,500 sq. m. vacant retail space which provides investors with significant asset management potential which would dramatically enhance returns.
Overall, the total existing passing rent from the shopping centre is €657,896 per annum with a weighted average unexpired lease term of 10.74 years.
The opportunity also includes a standalone Tesco petrol filling station situated between the shopping centre and junction 9 on the M8 motorway. Tesco are paying €163,750 per annum with just over 8 years term certain.
Bannon & Lisney are quoting €6,500,000 for the Shopping Centre and the Petrol Filling Station equating to an NIY of 12.10% which will be enhanced once the remaining units are let. Offers for the Shopping Centre and Petrol Filling Station investments will also be considered individually.